Samsung Group

Samsung's earnings more than double on record chip profits

Samsung Electronics said Tuesday that its fourth-quarter profit more than doubled over a year earlier thanks to record-high earnings from its brisk memory chip business and strong smartphone sales despite costly Galaxy Note 7 recalls.

The South Korean company said Tuesday it posted 7.1 trillion won ($6.1 billion) in net income during the October-December period, compared with 3.2 trillion won a year earlier.

Analysts surveyed by FactSet, a financial data provider, expected 6.52 trillion won.

Sales stayed flat at 53.3 trillion won ($45.6 billion), the company said in a regulatory filing. Operating profit surged 50 percent over a year earlier to 9.2 trillion won ($7.9...